CORP BRIEF: MISC, Minetech and Boustead Plantations

MISC unit awarded 3 long-term charter contracts

MISC Bhd yesterday announced that its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd, has been awarded three long- term charter contracts to own and operate three newbuilding LNG Dual Fuel VLCCs from Shell Tankers (Singapore) Pte Ltd. In a Bursa filing, it said the charters are for a period of seven years and expected to commence in the third quarter of 2023. AET is the petroleum shipping unit of MISC and specialises in the global ocean transport of petroleum. MISC said the contracts do not have any effect on the issued and paid-up share capital and substantial shareholding in the company. The contracts are also not expected to have any material impact on the earnings per share, gearing and net assets per share of the group for the financial year ending Dec 31, 2021. The risk factors affecting the contracts include changes in economic, political and regulatory environment, and operational risks, which are adequately mitigated by the terms and conditions of the contracts.

Minetech bags contract renewal worth RM70m

MINETECH Resources Bhd’s wholly-owned subsidiary, Minetech Construction Sdn Bhd, yesterday entered into an agreement with Able Return Sdn Bhd and Damar Consolidated Exploration Sdn Bhd in relation to a contract renewal for waste removal, ore delivery and associated works for an open-pit mining estimated to be worth RM70 million. In a filing to Bursa Malaysia, Minetech Resources said the contract renewal is for the Selinsing gold mine project in Pahang, and it will be for a period of 36 months from July 1, 2020, to June 30, 2023. “The contract is expected to contribute positively to the revenue, earnings and net assets of Minetech Resources and its subsidiaries for the financial year ending March 31, 2021. The board of directors, after considering among others, the potential financial benefits arising from the contract, is of the opinion that the renewal of the contract is in the best interest of Minetech Group,” it said. — Bernama

Boustead Plantations gets 4 new board members

BOUSTEAD Plantations Bhd yesterday announced four new appointments to the company’s boardroom, namely Izaddeen Daud, Fahmy Ismail and Ahmad Shahredzuan Mohd Shariff as its non-independent non-EDs; and Datuk Indera Mustaffar Kamal Abdul Hamid as its independent non-ED. Izaddeen, 52, is currently the deputy group MD of Boustead Holdings Bhd (BHB). He also sits on the board of Boustead Heavy Industries Corp Bhd, Pharmaniaga Bhd, Boustead Properties Bhd, UAC Bhd and Olympia Industries Bhd. The appointment of three senior management personnel BHB, namely Izaddeen, Fahmy and Ahmad Shahredzuan, demonstrates the immediate adoption of the new “Reinventing Boustead” business strategy through driving strong digitisation and technology initiatives at Boustead Plantations.